By Kemp, MichaelForeword by Pape, Scott
To beat the market you need a deep understanding of everything that investing can throw at you. That understanding is hard earned. The irony is the more you learn about investing, the more you appreciate how simple the process needs to be. That's not to say that financial markets... are simple, or that, given enough time and education, one day you'll find them simple, or that you can treat the process casually and win. Quite the opposite on all three counts. As your appreciation of financial markets develops it will become clear that they are too complex to be completely understood. So our only hope is to interact with them in a simple way. This was a truth held by Charles Dow, the founder and first editor of the Wall Street Journal and a great investment thinker. He described how experienced Wall Street operators felt in his editorial of 20 November 1901: The more they actually know, the less confident they become. But until you appreciate the complexity, until you get your mind around the complications, intricacies and difficulties the market can throw at you, you won't have the capacity to undertake this simplification. In Goethe's words, you would be acting without insight . Despite the complexity and contradiction of financial markets, there's no shortage of people who claim to see order where there is none. You see them every night on TV offering concise explanations for the inexplicable. This does no more than perpetuate the myth that financial markets can be easily understood and described. The aim of this book is to get you thinking; to become a serious investor you need to question and doubt; to challenge every word delivered by articulate men in pinstriped suits; to appreciate where the limits of reason lie. Then you'll be better placed to make your own investment calls.Read more
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MICHAEL KEMP has worked as a corporate financier in Australia and overseas. He is the author of Creating Real Wealth.
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